Honestly don't understand how Cloudflare thinks this is a higher priority than versioning, replication of buckets, or even geo distribution of objects.
It's a strange direction. I thought Cloudflare viewed R2 mostly as competition for S3 when used as cdn backing storage (a very natural place to compete.) For which, btw, it is great -- I seamlessly use it for ActiveStorage and not only is it way cheaper, but configuring it is about 100x simpler than the s3/cloudfront/random acls/signed cookies stuff.